Jump to content
  • 0

Fees on Partially-Filled Orders


NoComment

Question

I'm either extremely unlucky or there is something amiss with the system here in regard to the fees charged on partially filled orders.

Not once, but for the second time since I began trading with IG I have had orders partially filled, in the amount of ONE share.  Today, when this occurred for the second time (4th part-filled order overall, but second with this specific issue I am addressing here), both of the my partially-filled orders amounting to ONE share were valued at $AU1.15 and $AU1.08, but  I have been charged commission and GST amounting to $AU5.00.  The same commission and GST is also applied when subsequent new orders were filled to bring the total allocation up to the number of shares originally ordered.

I understand that this is a small, even an insignificant amount when I consider the total value of my portfolio, but seriously, $AU5.00 in fees for approximately a $AU1.00 share on more than one occasion, something is not right there, surely.  

In both instances the order were stock-standard "day-limit" orders filled after the close of the ASX (ironically both transactions occurred at the exact same time, 16:46hrs (or 4.46pm AEDT although the debit to my account was slightly later) and the balance of the orders were subsequently deleted.

Is this an anomaly with the ASX, or simply over-zealous bean-counters at IG?  I'd love to know, as it's becoming frustrating... as I said, this is the fourth time overall for partially filled orders, although I at least received a significant amount of the shares ordered on other occasions, but the fact still remains that the commission and GST has been double-dipped in each instance.

Has anyone else had similar experiences, or have any knowledge of how / why this can repeatedly occur?  Any information would be greatly appreciated here, as there is nothing I've been able to find elsewhere on this site which would explain this anomaly.

Thanks!

IMG_9100.jpg

Link to comment

13 answers to this question

Recommended Posts

  • 0
14 hours ago, NoComment said:

I'm either extremely unlucky or there is something amiss with the system here in regard to the fees charged on partially filled orders.

Not once, but for the second time since I began trading with IG I have had orders partially filled, in the amount of ONE share.  Today, when this occurred for the second time (4th part-filled order overall, but second with this specific issue I am addressing here), both of the my partially-filled orders amounting to ONE share were valued at $AU1.15 and $AU1.08, but  I have been charged commission and GST amounting to $AU5.00.  The same commission and GST is also applied when subsequent new orders were filled to bring the total allocation up to the number of shares originally ordered.

I understand that this is a small, even an insignificant amount when I consider the total value of my portfolio, but seriously, $AU5.00 in fees for approximately a $AU1.00 share on more than one occasion, something is not right there, surely.  

In both instances the order were stock-standard "day-limit" orders filled after the close of the ASX (ironically both transactions occurred at the exact same time, 16:46hrs (or 4.46pm AEDT although the debit to my account was slightly later) and the balance of the orders were subsequently deleted.

Is this an anomaly with the ASX, or simply over-zealous bean-counters at IG?  I'd love to know, as it's becoming frustrating... as I said, this is the fourth time overall for partially filled orders, although I at least received a significant amount of the shares ordered on other occasions, but the fact still remains that the commission and GST has been double-dipped in each instance.

Has anyone else had similar experiences, or have any knowledge of how / why this can repeatedly occur?  Any information would be greatly appreciated here, as there is nothing I've been able to find elsewhere on this site which would explain this anomaly.

Thanks!

IMG_9100.jpg

Hi @NoComment,

Effectively when order is partially filled the a commission will be deducted as an order went through.

You might want to change your expiry from "Day" to Good 'til cancelled"
image.png

You order won't close at the and of the trading day but will carry on until filled or cancelled on your end.

With Good 'til cancelled there is no commission or fee at the end of the trading day, you will be charged only if your order is fully executed.

I hope that it helps !

All the best - Arvin

Link to comment
  • 0
On 07/12/2021 at 12:17, ArvinIG said:

Hi @NoComment,

Effectively when order is partially filled the a commission will be deducted as an order went through.

You might want to change your expiry from "Day" to Good 'til cancelled"
image.png

You order won't close at the and of the trading day but will carry on until filled or cancelled on your end.

With Good 'til cancelled there is no commission or fee at the end of the trading day, you will be charged only if your order is fully executed.

I hope that it helps !

All the best - Arvin

 

Link to comment
  • 0

Arvin,

Thank-you for taking the time to answer my question, however this presents more questions, if I may:

  • In relation to the placement of orders, I am generally only able to place “Day” orders.  Whether using my laptop and accessing the IG website or my iPhone or iPad, using the IG app, and when saying generally, I would estimate that around 95% of orders I’ve placed, this has been the only option but occasionally the Good ‘til Cancelled has been available (regardless of exchanges I am buying shares from);
  • Further, I understand the operation of the markets outside trading hours, and only mentioned the time of the shares reaching my account as it was “coincidentally” the exact same time in both instances;
  • Finally, my real issue, my complaint if you like, is the quantity of shares… it seems unethical, whether within the regulatory guidelines or not, to purchase a single share.  Would it not be appropriate to determine a minimum number of shares which can be purchased to satisfy a partial-fill of an order?  I can’t imagine any client would be disagree, in the circumstances I have outlined;
  • That said, I appreciate your explanation, albeit not really addressing the key issue about which I was frustrated.  That is obviously as I hadn’t explained my concern precisely, putting forward too many “moving parts”, ie. partially filled orders, fees and commission being changed twice (and I agree, there are in fact two transactions on my part when this issue has occurred), the significant discrepancy between the value of the share and the value of the commission and GST incurred, the actual allocation of a single share, and that the purchase of single shares was around 20 - 25% of the cost of the fees incurred; I would respectfully suggest that a system which allows for the purchase of single shares in this value metric is somewhat amiss, but will take my grievance to IG support rather than continuing here, as being unable to place anything but a “Day Limit” order is another issue which requires clarification,

Again, thank-you for taking the time to assist. 
Regards, 

Karen

 

76FFA6DC-78BB-442E-A129-1BBB33EB9F45.jpeg

Link to comment
  • 0
18 hours ago, NoComment said:

Arvin,

Thank-you for taking the time to answer my question, however this presents more questions, if I may:

  • In relation to the placement of orders, I am generally only able to place “Day” orders.  Whether using my laptop and accessing the IG website or my iPhone or iPad, using the IG app, and when saying generally, I would estimate that around 95% of orders I’ve placed, this has been the only option but occasionally the Good ‘til Cancelled has been available (regardless of exchanges I am buying shares from);
  • Further, I understand the operation of the markets outside trading hours, and only mentioned the time of the shares reaching my account as it was “coincidentally” the exact same time in both instances;
  • Finally, my real issue, my complaint if you like, is the quantity of shares… it seems unethical, whether within the regulatory guidelines or not, to purchase a single share.  Would it not be appropriate to determine a minimum number of shares which can be purchased to satisfy a partial-fill of an order?  I can’t imagine any client would be disagree, in the circumstances I have outlined;
  • That said, I appreciate your explanation, albeit not really addressing the key issue about which I was frustrated.  That is obviously as I hadn’t explained my concern precisely, putting forward too many “moving parts”, ie. partially filled orders, fees and commission being changed twice (and I agree, there are in fact two transactions on my part when this issue has occurred), the significant discrepancy between the value of the share and the value of the commission and GST incurred, the actual allocation of a single share, and that the purchase of single shares was around 20 - 25% of the cost of the fees incurred; I would respectfully suggest that a system which allows for the purchase of single shares in this value metric is somewhat amiss, but will take my grievance to IG support rather than continuing here, as being unable to place anything but a “Day Limit” order is another issue which requires clarification,

Again, thank-you for taking the time to assist. 
Regards, 

Karen

 

76FFA6DC-78BB-442E-A129-1BBB33EB9F45.jpeg

Hi Karen @NoComment,

The expiry "Good 'til Cancelled" is only available when the market is open to trade (trading hours). If you want to place an order before or after market hours the option won't be available as the order is a direct market order.
I understand your point of view on the partial fill and not being able to set a minimum amount to partially fill an order. 
Placing a GTC expiry would eliminate partial fills.
Feel free to contact our helpdesk at helpdesk.au@ig.com, via phone or live chat.

All the best - Arvin

 
 

Link to comment
  • 0
4 hours ago, NGW said:

I’ve only joined IG this week and have had this exact same scenario today. An £8 fee for a partially filled order of 1 share! If this is the norm I think I’ll be going back to HL!

Hi @NGW,

As mentioned above the commission is applied per trade. A partial fill is still considered a trade. You might wand to change the expiry in this case.
image.png

All the best - Arvin

Link to comment
  • 0
On 16/12/2021 at 08:44, ArvinIG said:

Hi @NGW,

As mentioned above the commission is applied per trade. A partial fill is still considered a trade. You might wand to change the expiry in this case.
image.png

All the best - Arvin

Your advice is in correct. If your order expiry is "good till cancelled", and you execute a partial sale at the end of a trading day, you will still be charged full commission, and again every time you have a partial fill on the same order. IG is the only broker Ive encountered that does this.

  • Like 1
  • Great! 1
Link to comment
  • 0
14 hours ago, fxlapt said:

Your advice is in correct. If your order expiry is "good till cancelled", and you execute a partial sale at the end of a trading day, you will still be charged full commission, and again every time you have a partial fill on the same order. IG is the only broker Ive encountered that does this.

Hi @fxlapt,

Any transaction/ trade will occur a commission as above table.

image.png

To completely eliminate any partial fill you can chose the execute & eliminate, but it is possible that your order is not completely filled. Otherwise you will need to buy the stock at current price if the quantity is available to avoid partial fills.

If you need further assistance feel free to reach out to helpdesk.uk@ig.com or use the live chat feature on our website.

All the best - Arvin

Link to comment
  • 0

Hi Arvin,

Even if I select order expiry is "good till cancelled" and it partially filled 1 out of 500 shares you charge commission and every time it partially fill you charge £3 or £8 commission? Your advise is incorrect and deliberately misleading. I can send you screenshots of those 2 separate charges even if I select "good till cancelled".

image.thumb.png.26d599ff49d0168df3f9c483e7196fef.png

image.thumb.png.a8bfbff8064d6199e537401d08a36c0e.png

image.thumb.png.b11bbede851ce661b2f2ebfd15a11a7a.png

Link to comment
  • 0
On 18/02/2022 at 22:00, Jpn said:

Here is the order detail

image.thumb.png.c50321cf158b620fa6542315f2424bd5.png

Hi @Jpn,

I apologies for the confusion, as mentioned above, to eliminate any partial fill you can chose the execute & eliminate, but it is possible that your order is not completely filled ( but your order will be then closed). Otherwise you will need to buy the stock at current price if the quantity is available to avoid partial fills.

Alternatively you can change the order type to Market Order:

image.png
A market order is an instruction from a trader to their broker to execute a trade immediately at the best available price. Market orders are usually implemented very quickly, provided there is enough liquidity in the market. When a market order has been executed, it is referred to as a ‘filled order’.

If you have further questions, please  to reach out to helpdesk.uk@ig.com or use the live chat feature on our website. Our Helpdesk team will be able to assist you further and guide you through the dealing ticket.

I hope that it helps.

Thank you - Arvin

Link to comment
  • 0

This happened to me multiple times too - and YES I selected good till cancelled, but it doesn't make a difference if your order is at the bottom.

I would say that considering it happens so much, it does seem very scammy - who on earth is actually buying a single share? There would be no reason to do this unless it were a way to scam extra fees imo. Whether it's IG or whoever is above them, this stinks.

Why not simply offer a feature to fill all or don't fill at all?

Link to comment
  • 0
9 hours ago, mfdoom420 said:

This happened to me multiple times too - and YES I selected good till cancelled, but it doesn't make a difference if your order is at the bottom.

I would say that considering it happens so much, it does seem very scammy - who on earth is actually buying a single share? There would be no reason to do this unless it were a way to scam extra fees imo. Whether it's IG or whoever is above them, this stinks.

Why not simply offer a feature to fill all or don't fill at all?

Hi @mfdoom420,

If you select Market order the expiry will change to Fill or Kill:


image.png

image.png

The order will be filled fully, or killed.

Thank you 

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • Risk averse ways of earning always seem like good opportunities to earn some good bucks in the Crypto Space.  Certain platforms have taken it upon themselves to bring up worthwhile ways of giving users latitude to earn.  Bitget in its usual manner have brought forth an event to let users earn just by staking ETH. The APR is really Juicy, It is about 20%.  The event is exclusively for African new sign-ups. It seems like one to participate in for the newbies. Participating is relatively simple, you just need to navigate to platform's earn product and choose the corresponding product to stake and earn passively without necessarily risking anything.
    • Of course, the CEO is important, but today the role of the media is huge.  CZ has been known since 2017, but no one knows Richard Teng now. Even if a survey was conducted, Binance's CEO would still be defined as CZ by people.  Stock market confidence comes first. This is why Binance's SAFU security fund stands out and today Binance has 193 million users.
    • “FOMO” is the abbreviation of the initials of the words Fear of Missing Out in English. The English expression Fomo means "fear of missing an opportunity". “FOMO”, which we frequently encounter in the cryptocurrency world, is a term used to avoid regret. People who invest in cryptocurrencies have experienced this fear at least once. This effect affects everyone, from professionals to amateur helpers. To the question of what is fomo in the stock market, fomo is related to social media, stock market, cryptocurrency world, etc. We must say that it has various effects in various fields. In the cryptocurrency world, buying and selling transactions continue 24/7. Increases and decreases may continue at any time of the day. There are some factors that cause the FOMO effect in the cryptocurrency exchange. These factors; Greed Anxiety Impatience It can be listed as excitement. Investors watching the cryptocurrency they want to invest in are waiting for a decline opportunity. Sudden changes in opportunities in the cryptocurrency world cause investors to change their decisions. Investors who see opportunities increase are disappointed when positions are opened in a hurry and declines begin. In 2017, a recent example of FOMO, investors bought cryptocurrencies at high prices and incurred losses. Those who bought crypto currencies in large amounts experienced losses. The Fomo effect also has an individual nature. Individuals may experience the fomo effect for their personal investments. Fomo is not just a mass urge. FOMO occurs as emotional behavior rather than rational thoughts. One of the simplest examples is that it quickly pushes investors to the thought that motivates the person, such as "those who have cryptocurrency live a luxurious life." FOMO, which pushes towards irrational behavior, psychologically causes rapid action. In order to avoid losses, investments are made based on concrete information and graphics, not on attractive stocks. How to Deal with the Feeling of Fomo? People who make their own plans and research the markets they will enter in advance become conscious and follow the markets. Improving themselves, exploring hobbies, and becoming calm will reduce the effects of fomo. Balancing the fomo causes you to buy cryptocurrencies, not to make hasty decisions, and to perceive what is happening around you as it is. Cryptocurrency buyers need to be able to make rational decisions. Investments may take shape with FOMO disease. While trying to take advantage of the opportunities offered by other investors, you may encounter large losses. Decisions made with emotional motivation lie behind untimely investments. Fear of Missing Out on High Earnings It is the feeling felt by investors who rush to purchase the asset for fear of missing a profit opportunity.  When there are strong emotions, too many people have FOMO, which can cause parabolic price movements. We should mention that crypto money fomo causes great losses.  Investors competing for seats and switching from one asset to another often signals that the fomo effect is increasing. Extreme market conditions can change the general rules of the market. Buying cryptocurrencies based solely on increasing prices without doing research, reading charts, or technical analysis is an indication that we are caught up in FOMO.
×
×
  • Create New...
us